Nedbank Group Limited and Nedbank Limited announced that with effect from 1 January 2019, Vassi Naidoo will be classified as an independent non-executive Chairman of Nedbank Group and Nedbank. With the completion of the unbundling of the majority of OML's stake in Nedbank Group on 15 October 2018, the OML Board has agreed that it is now appropriate for Vassi Naidoo to step down from his non-executive directorship of OML with effect from 31 December 2018. The Boards of Nedbank Group and Nedbank have evaluated all factors that may, or may reasonably be perceived to, impair Mr. Naidoo's independence once he has stepped down from the OML board, and are satisfied that in the absence of any changed circumstances, there are no relationships or circumstances that are likely to affect his judgment, and that he meets the requirements of independence, including those as set out in King IV.